US Senate approved the US-Mexico-Canada Agreement yesterday with 89-10 vote. House already passed the legislation on December 19. The USMCA will now be sent to President Donald Trump for signing into law.
Treasury Secretary Steven Mnuchin hailed, “this historic agreement not only modernizes and rebalances our trade relationship with Canada and Mexico, but it promotes economic growth, creates jobs, and provides crucial certainty for farmers, workers and manufacturers.”
Canada is the only country which hasn’t ratified the agreement yet. The parliament does not return to session until January 27 and, for now, the schedule remains unclear. But little resistance is expected as both Liberal and Conservatives should back it.
New Zealand BusinessNZ manufacturing index dropped to 49.3
New Zealand BusinessNZ Manufacturing Index dropped to 49.3 in December, down from 51.2. That’s the second consecutive decrease and the lowest reading since September. NZ Senior Economist, Craig Ebert said that “the December result was disappointing. After a couple of months flirting with positivity, the PMI dipped back just below the breakeven line again”.
Looking at some details, production dropped from 49.4 to 48.2. Employment rose from 49.1 to 49.9 but stayed below 50. New orders dropped from 54.0 to 51.0. Finished stocks jumped from 49.2 to 52.0. Delivers dropped from 52.6 to 50.7.
Full release here.